Friday, July 07, 2017 7:21:20 AM
Link: Arizona issues a draft operating permit – an important milestone for Excelsior Mining!
Arizona issues a draft operating permit – an important milestone for Excelsior Mining!
The Arizona Department of Environmental Quality has now officially issued a draft Aquifer Protection Permit for Excelsior Mining’s (MIN.TO) Gunnison copper project. In our previous report, we already emphasized how important the permitting process is for Excelsior Mining, as we feel it’s the only reason why the company’s market capitalization is substantially lower than the net present value of in excess of $1B based on a copper price of $2.75 per pound.
CEO Twyerould is absolutely correct when he says issuing the draft permit is an incredibly important step forward for Gunnison, and it will be very interesting to see the results of the public comment period which will remain open for 30 days. As mentioned before, Gunnison is located in a sparsely populated area, and we don’t think a lot of locals will have a sound and legal basis to object against the project.
Twyerould has also once again highlighted the economic benefits of the project to both the state of Arizona and the future employees of the copper mine. We would like to refer you to this press release from October 2014, which confirms the size of the impact on the economy.
According to independent researchers working for the ASU, Gunnison will create an average of 819 jobs of which in excess of 700 jobs are ‘secondary’ jobs created by the spillover effects. Cochise country will see an impact of almost 1 billion dollar over the entire mine life, whilst the GDP of Arizona as a state will increase by almost $3B. You can read the full economic impact report here.
Excelsior Mining MIN Permit
Long story short, the Gunnison mine will provide jobs and create wealth for Cochise County and Arizona as a whole and the permitting process really is the only thing holding Excelsior’s share price back from rallying. Excelsior Mining still expects to complete the permitting process by the end of the third quarter, and if all goes well, its share price should be substantially higher by the end of this year as the market will close the valuation gap.
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